Homeownership is a tremendous responsibility – and one that’s often laden with a variety of expenses. From utility costs to cosmetic upgrades to essential maintenance, owning a home can put a real strain on your finances. While there’s no definitive method for taking the financial sting out of homeownership, there are a number of ways homeowners can facilitate big monthly savings. Homeowners looking to make the most of their financial resources stand to benefit from the following pointers.
Make Your Residence More Energy-Efficient
Energy-efficiency can be a boon to cost-conscious homeowners. In addition to dramatically reducing your household’s carbon footprint, making your abode more energy efficient stands to save you a noticeable amount in utility costs each month.
For starters, since a considerable amount of indoor air is lost through doors and windows, you may want to consider upgrading to energy-efficient doors and windows. As the name suggests, these doors and windows are designed with energy-efficiency in mind and serve to minimize the amount of indoor air that escapes and the amount of outdoor air that enters your residence. Such doors and windows can be particularly beneficial to homeowners who hail from areas that experience blisteringly hot summers and/or bitterly cold winters. While it’s important to note that energy-efficient doors and windows tend to cost a little more than their non-energy-efficient counterparts, the long-term savings they’ll help facilitate should more than make up for this short-term financial setback.
On the subject of heating and cooling, installing high-quality insulation is another great way to save money on utilities and maintain consistently comfortable indoor temperatures. So, if your home’s current insulation isn’t particularly efficient or has seen better days, you’d do well to have it replaced.
You should also look into energy-efficient home appliances. Energy-efficient washing machines, dryers, dishwashers, ovens and refrigerators can help save you a bundle every month while minimizing your environmental impact. By extension, take care to replace any traditional incandescent light bulbs in your home with energy-efficient LED or CFL bulbs. In addition to being better for the environment, these bulbs consume far less energy and last a great deal longer.
Cover Your Windows
If you live in an area with relentlessly hot summers or summer-like weather year-round, keeping your curtains open is liable to let a fair amount of sunlight into your home. Despite being a good source of natural light, the sun stands to increase indoor temps. Furthermore, as stated above, quite a bit of indoor air can be lost through windows, and the right coverings can do you a world of good. For example, you can effectively seal window drafts with the help of heat-reflecting film. In addition to being affordable on any budget, window film is very easy to install.
Thermal curtains are also likely to prove helpful on the window front. These curtains are designed to minimize escaped air, thus relieving central air conditioners and heaters of some of their burden – and relieving you of some of your financial burden. Thermal curtains can also serve you well during periods of cold weather, when they’ll help seal in warm air and prevent cool air from gaining entrance to your home. So, no matter what type of climate you reside in, thermal curtains are sure to be a worthwhile investment.
Refinance Your Home
If you’re looking to lower your monthly mortgage payments, refinancing your home may be an option worth considering. With the right refinancing, you stand to reduce both your interest rate and monthly payments. Furthermore, the reduction in interest may ultimately result in your mortgage being paid off in a more expedient manner. So, if you’re in good shape financially and want to fully own your residence faster than initially anticipated, it may be time to refinance your home.
As any seasoned homeowner can confirm, the financial obligations involved with a house don’t end after the paperwork has been signed. Between heating and cooling costs, mortgage payments and a wide assortment of upkeep-related expenses, many homeowners consistently find themselves strapped for cash. Fortunately, saving a healthy sum every month is well within the abilities of virtually every homeowner. So, if you’re looking to reduce the financial burden of owning a home, put the previously discussed tips to proper use.
